BEIJING -- China will formulate or revise multiple laws to strengthen its legal framework for the development of the socialist market economy this year, a report said on Saturday.

The National People's Congress (NPC) Standing Committee will formulate a law on promoting the private sector, a law on national development planning, a financial law, a financial stability law, and a law on farmland protection and quality improvement in 2025, according to the NPC Standing Committee report.

The legislature will also revise the Unfair Competition Law, the Enterprise Bankruptcy Law, the Agriculture Law, the Fisheries Law, the Civil Aviation Law, and the Banking Regulation Law, said the report, which was submitted to the ongoing NPC annual session for review.